Zurich expects business operating loss of about US$100 million in Q4 2015 due to nat cat claims
January 20, 2016 by Canadian UnderwriterZurich Insurance Group said on Wednesday that it expects its General Insurance business to record a business operating loss in the fourth quarter of 2015, due to natural catastrophe claims, including those related to recent storms and floods in the…
Infrastructure monies to be earmarked for disaster preparation, Goodale says
January 14, 2016 Jim Bronskill - THE CANADIAN PRESSOTTAWA – The federal public safety minister says the government will open its wallet to help Canadians prepare for natural catastrophes spawned by extreme weather linked to climate change. Devoting a portion of planned infrastructure spending to disaster readiness will…
Global insured losses in December likely to approach or exceed US$2 billion: Impact Forecasting
January 6, 2016 by Canadian UnderwriterPreliminary estimates suggest that total economic losses from weather events in December – including significant storms in the United States and United Kingdom – will exceed US$4 billion, with insured losses “likely to approach or exceed US$2 billion,” Aon Benfield…
Winter storms in northeast Canada and U.S. costliest global nat cat in 2015: Munich Re
January 4, 2016 by Canadian UnderwriterThe costliest global natural catastrophe for the insurance industry was a series of winter storms that struck the northeast United States and Canada, Munich Re said in its 2015 nat cat review, released on Monday. According to a press release…
Up for the Challenge
January 1, 2016 Angela Stelmakowich, EditorPatrick O’Hara, president of the Canadian Insurance Claims Managers Association, is hoping to continue efforts to beef up education and attract more young people to the profession.
Storms sweep across U.S., killing 1; forecasters warn of tornadoes days before Christmas
December 23, 2015 Jeff Martin - THE ASSOCIATED PRESSATLANTA – Storms packing strong winds and heavy rain slammed the U.S. mid-section on Wednesday, and officials worried about Christmas yard decorations becoming projectiles. A tree blew over onto a house in Arkansas, killing an 18-year-old woman and trapping her…
Institute for Catastrophic Loss Reduction makes two submissions to the Ontario Building Code review process
December 1, 2015 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) met Monday’s deadline to make submissions for the next iteration of the Ontario Building Code. The Institute opted to submit two proposed code changes: to make backwater valves and hurricane straps mandatory in…
Toronto politicians to discuss emergency response for nuclear power plants
November 28, 2015 by Canadian UnderwriterThe question of whether the radius of the “primary response zones,” around Ontario nuclear generating facilities, should be increased from 10 to 50 kilometres is on the agenda of a meeting of Toronto politicians scheduled Tuesday. Three recommendations from 11…
Powerful wintery storm blasts Colorado with snow, unleashes twisters in Texas
November 17, 2015 Colleen Slevin - THE ASSOCIATED PRESSDENVER – A powerful wintery storm dumped heavy snow on parts of Colorado on Tuesday while bringing the threat of tornadoes to millions in Arkansas and Texas, where a handful of damaging twisters had plowed through that state’s Panhandle the…
2015 sees record number of Category 4 or 5 global tropical cyclones: Aon Benfield
November 5, 2015 by Canadian UnderwriterA record number of global tropical cyclones that have reached Category 4 or 5 intensity have developed in the Northern Hemisphere this year, according to Impact Forecasting’s Global Catastrophe Recap report for October. Impact Forecasting, Aon Benfield’s catastrophe model development…
U.S. property and casualty insurers’ net income up US$5 billion in the first half of 2015 from same time last year: ISO
October 22, 2015 by Canadian UnderwriterPrivate U.S. property & casualty insurers’ net income after taxes grew to US$31 billion in the first half of 2015 from US$26 billion in the first half of 2014, with insurers’ overall profitability as measured by their rate of return…
Insured damages from August B.C. storm estimated at over $25 million
October 6, 2015 by Canadian UnderwriterInsured damage arising from a windstorm Aug. 29 in British Columbia probably exceeded $25 million, Insurance Bureau of Canada suggested in a release Tuesday. Quoting from Toronto-based Catastrophe Indices and Quantification Inc., IBC said a preliminary estimate of insured damage…